Top reasons for Hatton lease extension

Why you should start your Hatton lease extension today:

Increase your lease and increase your Hatton property value

Hatton leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. The majority of owners of residential leasehold property in Hatton enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Hatton you should check if your lease has between seventy and 90 years remaining. In particular once the remaining lease term slips under 80 years, the cost of any lease extension sharply increases as an element of the premium you pay is what is known as a marriage value

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Banks and Building Societies may not issue a mortgage on a short lease

Nearly all mortgage companies will be unwilling to grant a mortgage on a lease with under seventy years remaining - although this varies between mortgage companies. A buyer will undoubtedly encounter difficulties to obtain a mortgage and this could result in your Hatton property being difficult to sell or remortgage.

What makes us experts in Hatton lease extensions?

The conveyancers that we work with handle Hatton lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Hatton Lease Extension Case Summaries:

Jennifer, Hatton, Warwickshire,

After unsuccessful correspondence with the freeholder of her studio apartment in Hatton, Jennifer initiated the lease extension process just as the lease was approaching the critical 80-year mark. The legal work was finalised in August 2006. The freeholder’s costs were kept to an absolute minimum.

Hatton case:

Last Spring we were called by Mr and Mrs. V Girard , who moved into a basement flat in Hatton in October 2011. The question was if we could estimate the compensation to the landlord would likely be to prolong the lease by an additional years. Identical properties in Hatton with a long lease were valued about £223,400. The average amount of ground rent was £60 invoiced annually. The lease terminated in 2085. Taking into account 59 years unexpired we calculated the premium to the landlord for the lease extension to be between £27,600 and £31,800 exclusive of expenses.